This week on SUNUP, OSU Agriculture Economist Dr. John Michael Riley discusses the latest WASDE report.
“Let’s start with corn. That was the one that really shocked the market,” Riley explained. USDA increased both planted and harvested acres while also raising yield estimates, leading to “a big surprise there, with regard to corn.”
Much of the additional corn acreage came at the expense of soybeans, though soybeans still saw a small yield bump. “Soybeans really saw some positive note on the day,” he added.
Looking at the numbers, Riley noted, “We had an increase of 7.7 bushels per acre for the national corn yield, up to 188.8,” along with about 2.5 million more harvested acres than previously expected. This marked an unusual shift for the August report, which typically doesn’t include such large revisions. For soybeans, harvested acres dropped, but yield rose slightly to 53.6 bushels per acre. “Farmers are reporting that they put more corn in the ground than beans,” Riley said, pointing to data gathered from Farm Service Agency reports.
Closer to home, Riley said Oklahoma’s crop outlook has been mixed. “Good to excellent ratings throughout the summer have been strong but we’re starting to see some growing pressure here in Oklahoma,” he explained. Early rains gave crops a boost, but recent dryness has led to declines in ratings, particularly for soybeans, which dropped about 25 percentage points in just a few weeks.
Nationally, cotton showed strength, with reduced acres but higher yields. “Overall, the report was positive for cotton. It did see a bump on the day,” Riley said, noting it has held that ground since.
This week on SUNUP:
- SUNUP hits the road to Caddo County to meet with OSU Extension’s new cotton specialist, Jenny Dudak, who gives an update on how cotton is looking in the state and variety trial information.
- In the Mesonet Weather Report, Emma White, OSU Extension Mesonet agricultural meteorologist, explains the phenomenon known as corn sweat.
- John Michael Riley, OSU agricultural economist, discusses the latest WASDE Report and explains why there were changes in the corn market.
- SUNUP has information on the upcoming Rancher’s Thursday Lunchtime Series.
- In Naturally Speaking, Mark Turner, OSU Extension wildlife specialist, explains how rabies occurs in wildlife and how to protect yourself from this deadly virus.
- In Cow-Calf Corner, Mark Johnson, OSU Extension beef cattle breeding specialist, discusses the current market value of replacement heifers.
- Finally, Paul Beck, OSU Extension beef cattle specialist, offers guidance on timing calf marketing to take advantage of high cattle prices.
